Persons With Disabilities
SG Budget Babe
Asked on 28 Nov 2019
Should i focus on increasing the coverage for myself or my child? which would be more important and what are some good insurance policies out there that i can consider?
You are the pillar holding up the family unit and if anything should happen to you, there is no way to replace what you are doing, unless money is made available to hire the right kind of support and care.
Hence you would want to ensure sufficient coverage in terms of Hospitalization, Critical Illness, Death/TPD (since your child is a dependent), Disability Income, Personal Accident, in that order.
Which insurance policies suit you will be dependent on what you have now. You'll have to see what you need, subtract what you have now, and based on the shortfall, you can work with an independent financial advisor to find the most cost effective plans to make up that shortfall.
Caregiver wellbeing is always directly correlated to the care receiver.
As such, I suggest increasing the coverage for yourself.
Additionally, if you are working to provide for your child, you could consider an Income Protection Plan.
All the best!
The most important person would the one providing income and the caregiver (which I assume is you). This ensures that if anything happens to you your disabled child will have sufficient funds for help to be hired/any treatments if needed.
YOU (for death protection insurance)
Insurance is meant for income replacement if the person insured passed away.
Your disabled child, if he is not earning any income, has nothing to protect.
You and your income should have insurance to continue paying to take care of your child should you be unfortunate to meet with early death.
If you talking abt medical insurance, both are equally. You don't want to be exhausted if your kid is in hospital and has no insurance and you cannot manage the bills.
In fact, for all insurance, you should always cover yourself for the sake of your child.
Without you, your child has 1 less person to be dependent.
Hi Anon, guard and care for yourself before you do so for your dependent! Just like taking a plane, if you run out of oxygen yourself, you can't possibly help anyone else with putting on their oxygen masks either.
Besides insurance coverage with protection and wealth accumulation elements, do your Will and LPA as well. The former allows you to ensure your wealth accumulation throughout the years are not gone to vain when someone else ends up inheriting what you have. The latter would serve as a contingency measure for yourself in the event where you lack the ability to care for yourself, you appoint someone you trust to care for you. In that way, you cover all areas of care for yourself before you do the same for your child :)
Definitely you need to make sure you are well insured, as you are the caregiver and ultimately you will need the insurance payout for your child if anything untowards happen.
In terms of good insurance policies, I can't really suggest here but do check out the life insurance reviews here on seedly.
You should focus on increasing the coverage for yourself, because you are the child's caretaker and if anything bad happens to you, you would need the insurance payout to care for your child.
You should increase coverage for yourself first. Your disabled child relies on you for your income. Therefore, should anything untoward happens to you, your child will need your insurance sum to tide through life. Therefore increase coverage for yourself.
You can consider if you want a high coverage amount with lesser monthly fee. However do note term is onlya fforable until you are age 65. Beyond that, it is very expensive
You would definitely be the 1st importance as you have to consider on the consequences if something were to happen to you, so by increasing the coverage for yourself, you leave your child some finances that he/she can use when you are no longer around.
Are you currently working? If you are, you may consider a Income Protection Plan, such that in the event that you can't work for short-term (6 months - 1 year) due to a emergency, at least you will still get 50%-75% of your pay to tide you over.
But also, some other factors to consider are, does your disabled child often require hospitalisation? If your child does, increasing the coverage for hospitalisation for your child may be beneficial.
The answer is simple: You
This is because you are likely the pillar in the family. Should anything happen to you, then who is going to take care of the kid both financially and from the family's perspective.
It depends on your current insurance portfolio and how we can optimise it. The best way to do this is to first have an insurance portfolio summary. I have highlighted the importance here: https://www.blog.pzl.sg/why-every-client-needs-an-insurance-policy-summary/
From there, we will be able to accurately diagnose and recommend you the best option. In most cases, you may consider either a term or whole life insurance coverage. I have summarised the differences here: https://www.blog.pzl.sg/term-vs-whole-life-insurance-singapore
However, everyone's needs are different. Therefore, speak with a consultant that you trust and have an open conversation with him. Accordingly, he will be able to assess your situation and to give you the best advice based on what you need now and for the future.
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